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Oil firms told to release more crude in effort to deal with soaring energy bills

Fuel prices for UK motorists might finally be about to stabilise after oil companies were told to release more oil onto the market.

Drivers have been hit by 10 months of consecutive price rises on the forecourts, with both petrol and diesel smashing previous record highs in recent weeks.

An average fill-up for a family car is now £19 more expensive than it was a year ago, with the average price of a litre of fuel 34p higher than in January.

Now, UK oil firms have been authorised to release up to 1.5 million barrels from their strategic reserves in order to ease pressure on transport and home energy costs.

Oil production has been limited as producers try to recoup lost profits

It is hoped that introducing more oil to the market will address the high demand and bring down wholesale costs.

As a result, drivers could see a slowing of price rises or possibly even a reduction if retailers pass on savings to customers

This is why fuel prices might finally be about to fall after 10 months of rises